Saudi Arabia posts $21bn budget surplus in second quarter on oil boost – The National

Saudi Arabia posts $21bn budget surplus in second quarter on oil boost – The National

Saudi Arabia’s budget surplus increased to 77.9 billion Saudi riyals ($20.77bn) in the second quarter, driven by a surge in oil revenue, the Ministry of Finance reported.

The kingdom's revenue during the three-month period ended June rose by 49 per cent annually to 370.3bn riyals while expenditure increased by about 16 per cent to 292.45bn riyals, the ministry said in a statement on Thursday.

Its surplus in the second quarter was up more than 35 per cent, compared with 57.49bn riyals in the first three months of the year, bringing the total for the period from January to June to 135.39bn riyals.

Oil revenue in the April-June period surged 89 per cent to 250.36bn riyals, from 132.1bn riyals in the same period last year, the ministry said. Non-oil revenue during the period also rose 3 per cent to 120bn riyals.

Saudi Arabia, the world's top oil exporter, has recorded strong economic growth this year on higher oil prices after its recovery from the impact of the coronavirus-induced slowdown in 2021.

The kingdom's economy grew 11.8 per cent in the second quarter of this year, flash estimates released by the General Authority for Statistics (Gastat) revealed.

Oil-related economic activity in the kingdom rose 23.1 per